OGI Group has agreed to acquire a 50.7 percent stake in the diamond-bearing licensed area in Mozambique, which is located downstream of the Save River from the Rio Tinto Murowa mine and the Marange diamond fields in Zimbabwe.
Proactive Investors portal informs that within the framework of the transaction OGI Group will conclude an agreement on the repayment of a 78% share of the share capital of Save River Diamonds from current shareholders of this company. This will give OGI control over 50.7% of the portion of the License Lot 4969L, as well as the pre-emptive right to purchase a 51.1 percent share in the 4525L License Area.
As part of the deal, OGI Group planned to raise capital from $ 3.5 million to $ 6 million. The minimum amount of $ 3.5 million will be received from Novus Capital, which confirmed its willingness to provide support for the acquisition and financing of the project, the report said Proactive Investors.
OGI wanted to change its name, because now the company will focus its activities on exploration and mining of diamonds.

Over the past month, prices for certified diamonds have fallen. Margins of profit in the production of diamonds remained under pressure, as trade in diamonds slowed during the calm season, prices sagged, but prices for rough diamonds remained at a high level, Rapaport said in a press release.
The price index for diamonds RapNet Diamond Index (RAPI) for stones weighing 1 carat decreased during the reporting month by 2.4%. RAPI with respect to certified diamonds weighing 0.30 carats fell by 1.3%, and diamonds weighing 0.50 carats slightly increased by 0.3%. RAPI for diamonds weighing 3 carats fell in July by 0.5%.
As the July Rapaport report called Sluggish Trading says, in the United States and the far east there is a strong demand for commercial grade diamonds weighing less than 1 carat in the SI-I2 purity range and GM color.
There is a high demand for diamonds weighing 0.3-05 carats GM, purity VS2-I2, and there was a deficit in this category of products on the market. Many New York and Antwerp dealers in July went on vacation, which determined a further reduction in trade turnover. Some Indian diamond manufacturers have lowered prices for 1-carat diamonds due to low demand, overstocking of this market segment and the need to ensure the inflow of cash.
The results of the Indian International Jewelery Show (IIJS) were quite weak for diamond suppliers, but there is evidence of stability in India's domestic demand for jewelry and improving sentiment ahead of the October season of Diwali. Limited liquidity and the desire of buyers to purchase polished diamonds for the fulfillment of orders received, rather than replenishment of stocks, are noted.

Namdeb, a joint venture of the Namibian government and De Beers, intends to extend the life of diamond mines located in the South African country.
Bloomberg agency quoted the statement of Namdeb General Manager Riaan Burger that the company intends to conduct diamond mining at the Elizabeth Bay, Southern Coastal and Daberasup mines until 2035. Recently, Namdeb mining licenses were extended for 15 years.
"We can extend the period of validity of the license and the period of development of concessions if we correctly allocate costs. When optimizing new technologies, I'm sure we will be able to achieve even better results, "Berger said.
In 2013, Namdeb received about 600,000 carats of diamonds on the ground diamond deposits, while the development of marine concessions gave it 1.16 million carats, reports Bloomberg.
In the meantime, Namgeb CEO Inge Zaamwani-Kamwi told reporters that her company is losing 1,600 carats per day from planned production due to a workers strike that began last Friday.
Namdeb employees demand a 15% wage increase and additional education and medical care benefits. Namdeb could raise wages by 10%, but the union rejected this offer.

President of the International Diamond Manufacturers' Association (IDMA) Maxim Shkadov, world-famous Italian designer and jewelry manufacturer Roberto Coin, President of the Israeli Diamond Exchange (IDE) Shmuel Schnitzer and President of the Diamond Dealers Club of New York (DDC) Reuven Kaufman (Reuven Kaufman) joined the board of directors of the Panama Diamond Exchange (Panama Diamond Exchange), the organization's press service reported.
"We are pleased to welcome a number of people of this scale with impressive experience and business acumen in the board of directors of the Panama Diamond Exchange. We are confident that they will make a significant contribution to the positioning of Panama as the main center of jewelry trade in Latin America, "said PDI's founding chairman, Eli Izhakoff. "They will not only share the wealth of knowledge about international diamond and jewelry markets, but their very participation in the mission of our stock exchange carries an important message to the whole world."
Four new directors will join the other industry leaders participating in the board of directors of the exchange. Among them are President of the World Federation of Diamond Exchanges (WFDB) Ernest Blom, President of the World Jewelery Confederation (CIBJO) Gaetano Cavalieri and former President of the World Diamond Council (WDC), WFDB and IDE Honorary President Avi Paz Avi Paz).
The PDE-led project to create a $ 200 million Panama Gem & Jewelry Center (Panama Gem & Jewelry Center) is the largest and most ambitious initiative ever undertaken in the interests of Latin American jewelry trade. The center will serve as a trading platform for local and international companies on the market, which today is estimated at $ 8 billion and has 11,500 retail outlets in 20 countries and 23 islands.

"The acquisition of this huge high-quality white diamond again confirms the reputation of the Letseng mine as the world's most important source of large diamonds of exceptional quality," said Clifford Elphick, CEO of the company.
Gem Diamonds owns a 70 percent stake in the Letseng mine, which is known for discoveries of large exceptional white diamonds, and is a kimberlite diamond mine with the world's highest average carat cost per carat.
After the acquisition of Letsseng in 2006, Gem Diamonds produced four of the world's twenty largest diamonds of jewelry quality at the mine.

Gem Diamonds announced the discovery of an exceptional white diamond type IIa, weighing 198 carats, at the Letšeng mine in Lesotho. The diamond was mined in late July.
In a short message from Gem Diamonds, received by Rough & Polished via e-mail, it is said that this high-quality stone does not have fluorescence.
Gem Diamonds expects that the 198-carat diamond will be sold at an exceptionally high price later this year.

Tiffany & Co. recently published an annual report on corporate responsibility for 2013, which provides information on the company's initiatives in the field of environmental protection and social responsibility, Rapaport reports.
"The report details our great contribution to building socially and environmentally responsible business practices," said Tiffany & Co. CEO. Michael J. Kowalski. "As a leader in the jewelry industry, we believe that expanding social commitments and supporting responsible business throughout the jewelry supply chain is both a market demand and a moral obligation."
Tiffany & Co. pays great attention to the responsible extraction and supply of raw materials and materials - from diamonds and gold to the legendary blue boxes for the packaging of goods and bags.
Tiffany & Co. will coordinate its business processes with the standards of the Global Reporting Initiative (GRI) G4 "In Accordance - Core" and the UN Global Compact reporting system.
In the framework of the Initiative for Responsible Mining Assurance (IRMA), the jewelry company participated in the development of the world-wide recognized production standard. A pilot version of this document is expected to be released in 2015.
Tiffany & Co. invests in diamond-producing countries and is able to maintain the integrity of the supply chain, creating jobs, training staff, providing benefits and stimulating the growth of local economies, the report said.
"We adhered to an innovative approach to procurement, forming chains of direct supplies of diamonds and precious metals from mines," Kowalski said.
In 2013, the company's board of directors adopted the Conflict Minerals Policy, which establishes the principles of responsible gold mining for metal sellers.
As for the production of packaging materials, the blue Tiffany boxes are made from recycled paper and certified by the Forest Stewardship Council.
Tiffany & Co. has set itself the goal of reducing greenhouse gas emissions by 15% between 2013 and 2020.
In 2013, Tiffany & Co. made charitable donations in the amount of 2% of profit before tax.

Dhamani premium jewelry house opened a Dhamani store in 1969 at the Dubai Mall.
Founded in 1969, the jewelry house has a deep understanding of the value and cultural significance of jewelry in the modern world. The assortment of Dhamani 1969 will satisfy the demand of lovers of luxury from around the world.
Dhamani General and Managing Director Amit Dhamani said: "For 45 years, we have enriched our heritage and developed first-class skills to satisfy international buyers. Jewelry House Dhamani has always used in its adornments the most brilliant and shiny gemstones of excellent cutting, obtained with ethical standards. We are very proud of the opening of the first in the UAE boutique Dhamani 1969 in Dubai. "
Speaking at the opening ceremony of Dhamani in 1969, Ahmed Bin Sulayem, executive chairman of the Dubai Multi-Commodities Center (DMCC), said that Dhamani had become one of the first companies to operate in the DMCC free trade zone, and since then she experienced phenomenal growth. Sulayem added that Dhamani is one of the key players in the luxury goods market in the UAE.

Equity Communications said that the traditional largest diamond consumption market - the US - will retain its position for a considerable period of time, although in the Asia-Pacific region tendencies and preferences in the consumption of various categories of luxury goods are formed.
In 2013, the United States was the world's largest market for polished diamonds, accounting for 44.3% of total polished consumption.
In a message received by Rough & Polished via e-mail, it is said that world sales of diamond jewelry last year reached $ 73.8 billion.
Sales of diamond jewelry in the US in 2013 increased by $ 2.5 billion, to $ 32.7 billion, up 8.3% over 2012. Meanwhile, in China sales jumped 19% year on year to $ 6 billion.
On Equity data, the EU was the only region where the negative trend and the decline in sales observed in the previous year by 0.11% to $ 5.2 billion.
"In the difference from Japan, where retailers adjusted the range of products in order to keep sales, there is no tendency in the US market to reduce the quality of diamonds sold, "Equity reports. - American consumers consider high-quality diamonds weighing from 0.5 to 1 carat standard inserts for engagement rings and do not agree to stones of smaller size or lower quality. "
However, the fact that diamonds for engagement rings has risen in price, more consumers need financial help to make such purchases, notes Equity.

Geologists have discovered a large gold deposit located in the Xinjiang Uygur Autonomous Region in the northwest of China, near the border with Kyrgyzstan, the Chinese news agency Xinhua reports. According to experts, confirmed gold reserves in the new field are estimated at 127 tons, and their cost is almost $ 6.5 billion. The 
Xinjiang Bureau of Geology and Mineral Exploration spent twenty years searching for deposits in the area. This is the largest gold deposit discovered in Xinjiang over the past two decades.
"It is very likely that the mine's total reserves will exceed 200 tons," said Cui Hongbin, the head of the intelligence team.
He also noted that this opening will not only increase gold production in the PRC, which reached 211 tons in the first half of 2014, but will also bring income and employment to the local population.
The opening of the new field attracted attention of the main mining companies of China, which already expressed interest in the joint development of this mine.